WTW to acquire cutting-edge UK fintech pensions and savings provider, Cushon
Rhea-AI Summary
WTW (NASDAQ:WTW) agreed to acquire UK fintech pensions and savings provider Cushon from NatWest Group, strengthening WTW’s position in the UK defined contribution (DC) master trust market. Cushon brings ~£4 billion in assets under management and 730,000 members; WTW’s LifeSight master trust has ~£26 billion AUM and 430,000 members. The deal includes a referral arrangement to keep NatWest commercial customers connected to Cushon services. The acquisition is subject to regulatory approval and is expected to close in the first half of 2026. Advisors to the parties and deal counsel are named in the announcement.
Positive
- £4bn AUM added to WTW
- 730,000 members added to WTW portfolio
- Strengthens position in UK DC master trust market
- Referral arrangement preserves NatWest distribution
- Combines with LifeSight’s £26bn AUM for scale
Negative
- Transaction subject to regulatory approval and closing risk in H1 2026
Key Figures
Market Reality Check
Peers on Argus
Peer moves are mixed and small, with AON up 0.54%, AJG up 0.52%, while MMC, BRO and ERIE are modestly down, pointing to a WTW-specific narrative rather than a broad sector move.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Dec 04 | Product launch | Positive | +1.0% | Launch of Radar Fusion cloud-native underwriting platform for commercial markets. |
| Dec 03 | Dividend declaration | Positive | +1.0% | Announcement of regular quarterly cash dividend of $0.92 per share. |
| Dec 01 | Strategic acquisition | Positive | -0.1% | Acquisition of FlowStone Partners to expand private markets wealth capabilities. |
| Nov 17 | Partnership agreement | Positive | -1.1% | MOU with NATS to provide aviation risk and resilience advisory services. |
| Nov 13 | Leadership recognition | Positive | +1.3% | Top CHRO award recognition for WTW’s chief human resources officer. |
Recent WTW news, including product launches, partnerships and corporate updates, has typically produced modest single-day moves, with both positive and negative reactions to generally constructive headlines.
Over the past month, WTW has reported a series of strategic and operational updates, including the FlowStone Partners acquisition to bolster wealth offerings, a regular quarterly dividend of $0.92 per share, and the launch of Radar Fusion for commercial underwriting. Additional items such as an aviation risk MOU and leadership recognition rounded out a steady news flow. Today’s Cushon acquisition continues this pattern of using targeted deals to expand capabilities and market reach.
Market Pulse Summary
This announcement highlights WTW’s push to scale its UK workplace pensions presence by adding Cushon’s nearly £4 billion in AUM and 730,000 members to its existing LifeSight franchise. It reinforces an ongoing acquisition strategy seen in prior deals and targets the fast‑growing UK defined contribution master trust market. Investors may watch for regulatory approval, closing progress by H1 2026, and subsequent updates on integration and growth synergies.
Key Terms
assets under management financial
regulatory approval regulatory
due diligence financial
AI-generated analysis. Not financial advice.
LONDON, Dec. 10, 2025 (GLOBE NEWSWIRE) -- WTW (NASDAQ:WTW), a leading global advisory, broking and solutions company, and Cushon, a workplace pensions, savings and financial wellbeing company, are pleased to announce an agreement that sees WTW’s UK business acquire Cushon from NatWest Group.
The deal adds new capability and bolsters WTW's position in the UK defined contribution (DC) master trust space, enhancing its capabilities and unlocking new growth opportunities in UK mid-size workplace pensions and savings.
Cushon adds almost
Master trusts are the fastest growing segment in the UK defined contribution space. The industry grew by around
The agreement includes a referral arrangement enabling NatWest’s commercial banking customers to continue to have seamless access to Cushon’s workplace pensions and savings services for their employees.
Julie Gebauer, WTW President of Health, Wealth & Career, said:
"The acquisition underlines our commitment to transform tomorrows for millions of UK savers. Adding Cushon to our portfolio will enable us to serve all segments of the rapidly growing master trust space, with LifeSight continuing to focus on large companies and Cushon enabling growth in the mid-market. Cushon has built a groundbreaking technology-led solution that is highly scalable and has enjoyed great success. We’re delighted to welcome the Cushon team to WTW and excited by the capabilities they bring us for further innovation in workplace pensions and savings. This acquisition opens possibilities to help a wider range of clients and support their members improve their financial futures.”
Ben Pollard, Founder and CEO, Cushon, said:
“We are thrilled to be joining WTW and excited for the next chapter in our journey. We can now focus even more intensely on what we do best which is delivering innovative solutions that help millions of people save for a feel-good future.
“Our proposition has created strong demand among NatWest’s corporate clients which we will continue to serve through our ongoing partnership agreement with NatWest. We look forward to continuing to work closely with them into the future.
“With our leading-edge market propositions, WTW’s strong capabilities, and NatWest’s enviable distribution, all the ingredients are in place to accelerate our next phase of growth.”
Paul Thwaite, Group Chief Executive Officer, NatWest Group, said:
“Since acquiring a majority stake in Cushon, we have worked together to grow the business by bringing more innovative products to more customers. Going forward, I am pleased that we will continue to offer access to Cushon’s services on a referral basis, especially given the ongoing demand for pensions solutions amongst SMEs and Commercial Mid-Market firms.
“With positive momentum across NatWest Group, this transaction is clearly aligned to our strategic priorities, as we focus on delivering disciplined growth across our three customer businesses, whilst simplifying our bank and actively managing our balance sheet to deliver attractive returns.
“Given the broader changes within the pensions market, and the increasing importance of scale, both NatWest Group and Cushon believe the next phase of the firm’s journey will be most effectively achieved under the ownership of a larger, more established player in this space.”
The deal highlights the ongoing trend towards providers seeking to achieve greater scale and efficiency, enabling them to better serve customers and generate higher returns for savers. As the DC industry continues to evolve, WTW's enhanced presence and capability is likely to set a new standard for master trust providers.
Together with Cushon, WTW is poised to capitalize on the growing demand for workplace savings, using its increased scale to enhance its offerings and member experience, further drive innovation and increase its competitive edge in the market.
The acquisition is subject to regulatory approval and is expected to close in the first half of 2026.
Notes to editors
*WTW Defined Contribution Pensions and Savings report 2025
Advisors
Ardea Partners served as financial advisor, DLA Piper served as legal advisor, and PwC and Alpha FMC served as due diligence advisors to WTW.
Lazard served as financial advisor, CMS served as legal advisor, and KPMG served as due diligence advisor to NatWest.
Lincoln International served as financial advisor and Travers Smith served as Legal advisor to the Cushon management team.
Media contacts
WTW
Jamie Kilduff
+44 (0)7944 573767
jamie.kilduff@willistowerswatson.com
NatWest Group
Amanda Glover / Seema Hakim
07974 887892 / 07483 574484
amanda.glover@natwest.com / Seema.Hakim@natwest.com
About WTW
At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance.
Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you.
Learn more at wtwco.com.
About Cushon
Cushon (trading as NatWest Cushon) is a fintech dedicated to helping people build a better financial future through smart, engaging technology.
Cushon provides pension and savings products through an intuitive mobile app that delivers a personalised experience, making it simple for customers to manage their money and invest in line with their goals and values.
Integrating seamlessly with payroll and benefits platforms, Cushon delivers its products through the workplace to reach as many savers as possible. Nearly 20,000 employers and 730,000 savers currently use Cushon, with nearly
For more information, please visit cushon.co.uk.
About NatWest
NatWest Group is a UK-focussed bank, serving over 20 million customers, with businesses across retail, commercial and private banking markets.
WTW Forward-Looking Statements
This document contains ‘forward-looking statements’ within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created by those laws. You can identify these statements and other forward-looking statements by words such as ‘may’, ‘will’, ‘would’, ‘commit’, ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘intend’, ‘plan’, ‘continues’, ‘seek’, ‘target’, ‘goal’, ‘focus’, ‘probably’, or similar words, expressions or the negative of such terms or other comparable terminology. These forward-looking statements include, but are not limited to, our agreement to acquire Cushon (the “Proposed Transaction”), expectations relating to the Proposed Transaction or the potential benefits or consequences of the Proposed Transaction, information about possible or assumed future results of our operations including without limitation results of the acquired business and potential synergy opportunities, the anticipated timeline for the completion of the Proposed Transaction and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. All forward-looking disclosure is speculative by its nature.
There are important risks, uncertainties, events and factors that could cause our actual results or performance to differ materially from those in the forward-looking statements contained in this document, including the following: our ability to complete the Proposed Transaction, including obtaining the required customary regulatory approvals, in the anticipated timeline or at all; our ability to effectively integrate Cushon into our business and operations; our ability to achieve the expected results of the Proposed Transaction; our ability to execute on our strategy, optimize our portfolio, accelerate performance or enhance efficiency; our ability to deliver substantial value to our stakeholders; changes in general economic, business and political conditions, including changes in the financial markets; significant competition in the marketplace; and compliance with extensive government regulation. Factors also include those described under Part I, Item 1A in our Annual Report on Form 10-K, and our subsequent filings with the SEC. Copies are available online at http://www.sec.gov or www.wtwco.com. The foregoing list of factors is not exhaustive, and new factors may emerge from time to time that could also affect actual performance and results.
Although we believe that the assumptions underlying our forward-looking statements are reasonable, any of these assumptions, and therefore also the forward-looking statements based on these assumptions, could themselves prove to be inaccurate. Given the significant uncertainties inherent in the forward-looking statements included in this document, our inclusion of this information is not a representation or guarantee by us that our objectives and plans will be achieved.
Our forward-looking statements speak only as of the date made and we will not update these forward-looking statements unless the securities laws require us to do so. With regard to these risks, uncertainties and assumptions, the forward-looking events discussed in this document may not occur, and we caution you against unduly relying on these forward-looking statements.
Although we believe that the assumptions underlying our forward-looking statements are reasonable, any of these assumptions, and therefore also the forward-looking statements based on these assumptions, could themselves prove to be inaccurate. Given the significant uncertainties inherent in the forward-looking statements included in this document, our inclusion of this information is not a representation or guarantee by us that our objectives and plans will be achieved.
Our forward-looking statements speak only as of the date made and we will not update these forward-looking statements unless the securities laws require us to do so. With regard to these risks, uncertainties and assumptions, the forward-looking events discussed in this document may not occur, and we caution you against unduly relying on these forward-looking statements.
FAQ
What did WTW (NASDAQ:WTW) announce on December 10, 2025 about Cushon?
How will the Cushon acquisition affect WTW’s assets and members?
When is the WTW acquisition of Cushon expected to close and what approvals are needed?
Will NatWest customers still access Cushon services after the sale of Cushon to WTW?
How does Cushon fit with WTW’s LifeSight master trust strategy?
Who advised the parties on the WTW–Cushon transaction?
